Charter raises ISA rates to top the charts

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Charter Savings Bank has raised rates across its range of cash ISAs by up to 0.52%, resulting in several of them jumping straight to the top of the charts for their respective sectors.

The basics…

The 1 Year Fixed Rate Cash ISA now pays a rate of 1.30% upon its anniversary, while the two-year version pays 1.41% and the five-year pays 2.15%, all of which are market-leading rates for their terms. The variable rate sector has had a boost, too, with the 120 Day Notice Cash ISA Issue 1 topping the charts with a rate of 1.25%, while the easy access equivalent pays 1.02%. Again, both of these are market-leaders for their sectors.

All accounts are also available as monthly interest options paying slightly reduced rates, bar the easy access, which retains its 1.02% return.

The finer details…

The fixed rate ISAs require a minimum investment of £1,000, with further additions permitted for 30 days from account opening. Transfers in are permitted, and earlier access is also possible, however this will result in a loss of interest penalty, the severity of which varies depending on the term chosen (150 days' loss for the one-year ISA, 180 for the two-year and 270 for the five-year).

The variable accounts also require a minimum investment of £1,000, and permit unlimited further additions. The easy access account allows access without restriction, while for the notice account, 120 days' notice will have to be served for penalty-free withdrawals; earlier access is possible, but this will result in the loss of 120 days' interest. All ISAs are purely internet operated.

Why we like them…

These ISAs have enjoyed a serious rate boost to see them easily become market-leaders for their respective sectors, while the flexibility adds yet more benefit to make them truly deserving of their product rating and Best Buy positions.

Moneyfacts rating: Excellent

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.